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We Think Sinotruk (Hong Kong) (HKG:3808) Can Stay On Top Of Its Debt
We Think Sinotruk (Hong Kong) (HKG:3808) Can Stay On Top Of Its Debt
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We can see that Sinotruk (Hong Kong) Limited (HKG:3808) does use debt in its business. But the real question is whether this debt is making the company risky.
Why Does Debt Bring Risk?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
View our latest analysis for Sinotruk (Hong Kong)
How Much Debt Does Sinotruk (Hong Kong) Carry?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 Sinotruk (Hong Kong) had CN¥4.88b of debt, an increase on CN¥2.90b, over one year. However, its balance sheet shows it holds CN¥31.3b in cash, so it actually has CN¥26.4b net cash.
SEHK:3808 Debt to Equity History September 6th 2022A Look At Sinotruk (Hong Kong)'s Liabilities
According to the last reported balance sheet, Sinotruk (Hong Kong) had liabilities of CN¥57.5b due within 12 months, and liabilities of CN¥1.25b due beyond 12 months. On the other hand, it had cash of CN¥31.3b and CN¥16.8b worth of receivables due within a year. So it has liabilities totalling CN¥10.7b more than its cash and near-term receivables, combined.
Sinotruk (Hong Kong) has a market capitalization of CN¥18.1b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution. While it does have liabilities worth noting, Sinotruk (Hong Kong) also has more cash than debt, so we're pretty confident it can manage its debt safely.
In fact Sinotruk (Hong Kong)'s saving grace is its low debt levels, because its EBIT has tanked 85% in the last twelve months. Falling earnings (if the trend continues) could eventually make even modest debt quite risky. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Sinotruk (Hong Kong)'s ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. Sinotruk (Hong Kong) may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Over the last three years, Sinotruk (Hong Kong) recorded free cash flow worth a fulsome 82% of its EBIT, which is stronger than we'd usually expect. That positions it well to pay down debt if desirable to do so.
Summing Up
While Sinotruk (Hong Kong) does have more liabilities than liquid assets, it also has net cash of CN¥26.4b. And it impressed us with free cash flow of -CN¥5.8b, being 82% of its EBIT. So we are not troubled with Sinotruk (Hong Kong)'s debt use. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. To that end, you should be aware of the 3 warning signs we've spotted with Sinotruk (Hong Kong) .
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
大衞·伊本説得很好,波動性不是我們關心的風險,我們關心的是避免資本的永久性損失。因此,當你考慮到任何一隻股票的風險有多大時,你需要考慮債務可能是顯而易見的,因為太多的債務可能會讓一家公司倒閉。我們可以看到中國重汽(香港)有限公司(HKG:3808)確實在其業務中使用債務。但真正的問題是,這筆債務是否讓該公司面臨風險。
為什麼債務會帶來風險?
債務是幫助企業發展的一種工具,但如果一家企業無法償還貸款人的債務,那麼它就只能聽從貸款人的擺佈。資本主義的一部分是“創造性破壞”的過程,破產的企業被銀行家無情地清算。然而,更常見(但代價仍然高昂)的情況是,一家公司必須以極低的價格發行股票,永久性地稀釋股東的股份,只是為了支撐其資產負債表。話雖如此,最常見的情況是一家公司對債務管理得相當好--並對自己有利。當我們檢查債務水平時,我們首先同時考慮現金和債務水平。
查看我們對中國重汽(香港)的最新分析
中國重汽(香港)有多少債務?
你可以點擊下圖查看歷史數據,但它顯示,截至2022年6月,中國重汽(香港)的債務為48.8億元人民幣,比一年前增加了29.億元人民幣。然而,其資產負債表顯示,它持有人民幣313億元的現金,因此它實際上擁有人民幣264億元的淨現金。
聯交所:3808債轉股歷史2022年9月6日看中國重汽(香港)的負債情況
根據最近一次報告的資產負債表,中國重汽(香港)有575億加元的負債在12個月內到期,12.5億加元的負債在12個月後到期。另一方面,一年內有313億加元現金和168億加元應收賬款到期。因此,它的負債總額為人民幣107億元,比現金和近期應收賬款加起來還要多。
中國重汽(香港)的市值為人民幣181億元,因此,如果有需要,它很可能會籌集現金來改善其資產負債表。但很明顯,我們絕對應該仔細檢查它是否能夠在不稀釋的情況下管理債務。儘管中國重汽(香港)確實有值得注意的債務,但它的現金也多於債務,因此我們非常有信心它能夠安全地管理其債務。
事實上,中國重汽(香港)的可取之處在於其較低的債務水平,因為它的息税前利潤在過去12個月裏暴跌了85%。收益下降(如果這種趨勢繼續下去)最終可能會使適度的債務面臨相當大的風險。毫無疑問,我們從資產負債表中瞭解到的債務最多。但未來的收益比任何東西都將決定中國重汽(香港)未來保持健康資產負債表的能力。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。
但我們的最後考慮也很重要,因為一家公司不能用賬面利潤來償還債務;它需要冷硬現金。中國重汽(香港)的資產負債表上可能有淨現金,但看看該業務將息税前利潤(EBIT)轉換為自由現金流的情況仍很有趣,因為這將影響其對債務的需求和管理債務的能力。在過去三年中,中國重汽(香港)錄得相當於息税前利潤82%的自由現金流,這比我們通常預期的要好。這使它處於有利的地位,如果需要的話,它可以償還債務。
總結
雖然中國重汽(香港)的負債確實多於流動資產,但它也擁有人民幣264億元的淨現金。它給我們留下了深刻的印象,自由現金流為-CN元58億元,佔其息税前利潤的82%。因此,我們並不擔心中國重汽(香港)的債務使用。毫無疑問,我們最瞭解債務的是資產負債表。然而,並不是所有的投資風險都存在於資產負債表內--遠非如此。為此,你應該意識到3個警示標誌我們發現了中國重汽(香港)。
總而言之,有時候專注於甚至不需要債務的公司會更容易。讀者可以訪問淨債務為零的成長型股票列表100%免費,現在。
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
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在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
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Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd.,Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc和Moomoo Securities Malaysia Sdn. Bhd., 是關聯公司。
風險及免責聲明
moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd.,Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc和Moomoo Securities Malaysia Sdn. Bhd., 是關聯公司。
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